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Santee Cooper ends rate lock, approves modest rate adjustment and outlines $7.6 billion capital plan
Summary
Santee Cooper reported it ended a rate‑lock period tied to the VC Summer settlement, executed a large refinancing that produced customer savings, and the board approved a first rate adjustment since 2017 (4.9%). The utility presented a $7.6–7.8 billion 10‑year capital plan and described customer outreach and new rate structures.
Santee Cooper officials told the Economic Development Budget Subcommittee that the utility has emerged from a rate lock tied to the VC Summer settlement, completed a major refinancing that reduced customer costs and the board approved a 4.9% rate adjustment — the first since 2017.
Ken Lott, Santee Cooper’s chief financial and administration officer, said the utility closed a large refinancing of roughly $925 million in 2024 — the second largest transaction in the utility’s history — that produced approximately $180 million in gross savings and was six times oversubscribed. Over the past five years, Santee Cooper said it has refinanced…
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